CQFD CONSULT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CQFD CONSULT
Largest movements
- Tangible fixed assets +€209,808
up €209,808 (+25.3%), from €828,747 to €1.0m
of which Assets under construction and advance payments: +€107,198
- Receivables within one year -€21,377
down €21,377 (-74.6%), from €28,651 to €7,274
of which Trade receivables: -€19,059
- Other debts +€333,795
up €333,795 (+309.2%), from €107,952 to €441,748
- Profit (loss) carried forward -€144,158
down €144,158 (-235.2%), from -€61,298 to -€205,457
- Debts after one year -€25,612
down €25,612 (-3.7%), from €689,610 to €663,998
- Accrued charges and deferred income +€21,543
up €21,543 (+557.9%), from €3,862 to €25,405
- Current portion of long-term debt +€17,314
up €17,314 (+166.6%), from €10,390 to €27,703
- Financial charges +€43,354
up €43,354 (+668.3%), from €6,487 to €49,842
- Gross operating margin -€16,795
down €16,795 (-65.4%), from -€25,674 to -€42,469
- Other operating charges +€3,218
up €3,218 (+118.7%), from €2,712 to €5,930
- Depreciation -€1,016
down €1,016 (-2.2%), from €46,582 to €45,566
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €870,761 | €1,067,853 | +€197,092 | +22.6% |
| Fixed assets | 21/28 | €828,747 | €1,039,927 | +€211,180 | +25.5% |
| Intangible fixed assets | 21 | - | €1,372 | +€1,372 | |
| Tangible fixed assets | 22/27 | €828,747 | €1,038,555 | +€209,808 | +25.3% |
| Land and buildings | 22 | €811,758 | €908,299 | +€96,541 | +11.9% |
| Furniture and vehicles | 24 | €14,739 | €20,808 | +€6,069 | +41.2% |
| Assets under construction and advance payments | 27 | €2,250 | €109,448 | +€107,198 | +4764.3% |
| Current assets | 29/58 | €42,014 | €27,926 | -€14,088 | -33.5% |
| Amounts receivable within one year | 40/41 | €28,651 | €7,274 | -€21,377 | -74.6% |
| Trade receivables | 40 | €23,552 | €4,493 | -€19,059 | -80.9% |
| Other amounts receivable | 41 | €5,099 | €2,781 | -€2,318 | -45.5% |
| Cash at bank and in hand | 54/58 | €8,427 | €14,909 | +€6,481 | +76.9% |
| Deferred charges and accrued income | 490/1 | €4,935 | €5,744 | +€808 | +16.4% |
| Total equity and liabilities | 10/49 | €870,761 | €1,067,853 | +€197,092 | +22.6% |
| Equity | 10/15 | €42,782 | -€101,376 | -€144,158 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,481 | €85,481 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €17,321 | €17,321 | = | 0.0% |
| Distributable reserves | 133 | €68,160 | €68,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,298 | -€205,457 | -€144,158 | -235.2% |
| Amounts payable | 17/49 | €827,978 | €1,169,229 | +€341,251 | +41.2% |
| Amounts payable after more than one year | 17 | €689,610 | €663,998 | -€25,612 | -3.7% |
| Financial debts | 170/4 | €689,610 | €663,998 | -€25,612 | -3.7% |
| Amounts payable within one year | 42/48 | €134,506 | €479,826 | +€345,320 | +256.7% |
| Current portion of amounts payable after more than one year | 42 | €10,390 | €27,703 | +€17,314 | +166.6% |
| Trade debts | 44 | €15,519 | €9,790 | -€5,729 | -36.9% |
| Suppliers | 440/4 | €15,519 | €9,790 | -€5,729 | -36.9% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €645 | €585 | -€60 | -9.3% |
| Taxes | 450/3 | €645 | €585 | -€60 | -9.3% |
| Other amounts payable | 47/48 | €107,952 | €441,748 | +€333,795 | +309.2% |
| Accrued charges and deferred income | 492/3 | €3,862 | €25,405 | +€21,543 | +557.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,582 | €45,566 | -€1,016 | -2.2% |
| Other operating charges | 640/8 | €2,712 | €5,930 | +€3,218 | +118.7% |
| Gross operating margin | 9900 | -€25,674 | -€42,469 | -€16,795 | -65.4% |
| Operating profit (loss) | 9901 | -€74,968 | -€93,964 | -€18,996 | -25.3% |
| Financial income | 75/76B | €206 | €1 | -€205 | -99.8% |
| Recurring financial income | 75 | €206 | €1 | -€205 | -99.8% |
| Financial charges | 65/66B | €6,487 | €49,842 | +€43,354 | +668.3% |
| Recurring financial charges | 65 | €6,487 | €49,842 | +€43,354 | +668.3% |
| Profit (loss) for the period before taxes | 9903 | -€81,249 | -€143,806 | -€62,556 | -77.0% |
| Income taxes | 67/77 | €215 | €353 | +€138 | +64.2% |
| Profit (loss) for the period | 9904 | -€81,464 | -€144,158 | -€62,694 | -77.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,464 | -€144,158 | -€62,694 | -77.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.